The Real Deal Los Angeles

The Real Deal Los Angeles

This is why the California Association of Realtors is against the Republican tax plan

“How could any member of the California Congressional Delegation think this plan is good for the Golden State?”

November 17, 2017 11:00AM

(Credit: Getty Images)

With 277 Republican votes, the House approved a sweeping tax reform package on Thursday, causing concern among California realtors who were rooting against it. The California Association of Realtors did not hold back its contempt for the legislation, which now needs Senate approval to pass.

The association ran a full-page advertisement in several California newspapers this week, calling for members of the state’s congressional delegation to withdraw any support from the controversial package, the Los Angeles Times reported. The ad – billed as an open letter to Tr**p – argued the tax reform would hurt California homeownership dramatically.

“If the goal of tax reform is to help middle-class Americans keep more of their hard-earned money, this proposal fails miserably,” the ad read. “How could any member of the California Congressional Delegation think this plan is good for the Golden State?”

Despite historically supporting the Republican party, real estate and home building lobbies in California are now backing away in fear of the repercussions the package may have on the state’s already-dismal homeownership stats. Both the House and the Senate versions of the tax bill would reduce the amount of deductions taxpayers can claim. It would also cut into real estate agents’ commissions.

The open letter was aimed at impacting the votes of seven Republican House members, five of which were from Southern California. Three California Republicans — Darrell Issa of Vista, Tom McClintock of Elk Grove and Dana Rohrabacher of Costa Mesa — ultimately voted against the bill. [LAT] – Natalie Hoberman